The acceptance by the Football League of the club's new owners, led by Steve Parish and Martin Long, marks the end of the administration process.

The club have been taken over by CPFC Ltd, who replace Crystal Palace FC (2000).

Brendan Guilfoyle, of P&A Partnership and joint administrator of Crystal Palace FC (2000), said in a statement: "It is a relief to get to the end of what has been a long and complex procedure. For everyone at the club and of course the fans, this is the future.

"The new club can now go forward, with the embargo on player transfers lifted and no further points deducted - all welcome developments at the beginning of the new season."

Parish, of CPFC Limited, said: "We would like to thank Brendan and P&A for their expertise, diligence and hard work throughout the administration.

"The fact Crystal Palace lives to fight another day is in no short measure due to their efforts."

Palace were plunged into administration back in January with debts of over £30million.

The move cost the Eagles a 10-point penalty, their best player in Victor Moses, who was sold to Wigan, and eventually their manager Neil Warnock who left for QPR in March.

Paul Hart was drafted in and saved the club from relegation with a dramatic last-day draw at Sheffield Wednesday which sent the Owls down instead.

But the 105-year-old club was hours from going bust on June 1 when, with fans protesting outside the headquarters of Lloyds Bank in London, Parish and Long's consortium finally agreed a buy-out.

Parish has since appointed former Scotland manager George Burley, who has guided the Eagles to a win and a defeat in their first two npower Championship matches this term.

Burley is on the verge of bringing Dutch legend Edgar Davids to the club.